India Spurring Sugar Exports Sends Prices to 43-Month Low
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India, the world’s biggest sugar producer after Brazil, will subsidize shipments of raw sweetener to ease a domestic glut and help mills clear arrears of about $422 million to farmers before elections scheduled by May. Futures in New York slumped to a 43-month low.
The government will give incentives to export 4 million metric tons over two years, Food Minister K.V. Thomas told reporters in New Delhi after a meeting of a panel of ministers. The Food and Finance Ministries will work out details and the Cabinet may consider the proposals in its next meeting, he said.